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Singapore’s manufacturing sector unexpectedly contracted in February, with output falling 1.3% year-on-year, defying forecasts of a 7% increase, according to data from the Singapore Economic Development Board (EDB). The downturn was largely driven by a steep 14.3% decline in biomedical manufacturing, with pharmaceutical production plunging 30% due to weaker global demand.
The electronics sector also saw a notable drop of 6.4% compared to a year earlier, with semiconductors declining 9.5%, highlighting ongoing weakness in key technology segments. On a seasonally adjusted month-on-month basis, overall manufacturing output slumped 7.5%, missing analyst expectations of a modest 0.1% expansion.
Economists say this signals a loss of momentum in Singapore’s manufacturing recovery. Maybank economist Chua Hak Bin noted that business and consumer sentiment is turning cautious amid global economic uncertainties. He pointed to potential risks from U.S. trade policies, especially President Trump’s proposed tariffs.
"Singapore is not among the ‘Dirty 15’ countries targeted for retaliatory tariffs, so it may avoid the initial hit," Chua said. "However, the sector could still be affected if the U.S. imposes 25% tariffs on semiconductors, a major Singapore export."
The weaker-than-expected figures underscore the vulnerability of Singapore’s export-driven economy to global demand fluctuations and geopolitical tensions. With key sectors like pharmaceuticals and semiconductors under pressure, near-term growth prospects remain uncertain.
As Singapore navigates a volatile global landscape, analysts say policymakers may need to provide support to maintain industrial competitiveness and stabilize economic growth.
